Half the games he played in last year he was no more than a decoy. Yeah he played but what's the value in that? He only had maybe 5 games that could be considered comensurate with his status. He finished in a close knit tier with Antonio Gates, Martellus Bennett and Greg Olsen and he only finished 2.8 ppg better than Kelce who was reportedly held back. NO made a point of featuring him in a pass heavy offense with Brees in his prime. I don't know what kind of production you are expecting but last years numbers are likely his absolute ceiling.
It used to be Graham and Gronk in a tier by themselves, then it was Gronk in tier 1 and Graham all by himself in tier 2, now it will be Gronk and then a group of 4 or 5 in tier 2. NO let him go for a reason. It looks like they want to get more balanced and run more (kind of like Seattle does?). Brees can't fling it like he used to. Graham was becoming a distraction and his ability to stay healthy might be in question. He'll be a good red zone target in Seattle but no way he retains the value he had in NO.
I have an awfully hard time reconciling your post, according to you Graham was a decoy for 11 games and played in five healthy ones yet this coming year that is his ceiling? Your logic is awful. A guy who played hurt most of the season yet put up top 6 numbers at his position, that's a bad thing?
Yes, NO let him go for a reason, they kicked the bucket down the road on the salary cap and had to start biting the bullet this season, hence moving on from Grubbs and Graham and their large cap hits. Also if that's all Graham is now why would Seattle give a first rounder for him? We're not talking about a bad GM and coach here, we are talking about Seattle.
The Percy Harvin trade failed because Harvin was a locker room cancer and is injury prone, Jimmy has missed one game in his career. This is not an apples to apples comparison.